Chances are that you no longer remember whom you’ve named as the beneficiary of your life insurance policy. You should find out. Why? The beneficiaries that you listed with your life insurance company trump any beneficiary designations that you may have made via your Minnesota Will.
Tag Archive for my estate
Hiring a Minnesota estate planning lawyer to draft legal documents to provide for your heirs is only the first step to ensure that your property is distributed as you desire after your death. You still need to ensure that your property is titled in such a way as to take full advantage of your Will and/or Trust.
And, while you’re at it, review your beneficiary designations because some assets override any language in your Will or Trust documents and pass to whomever you named as the beneficiary. For example, life insurance proceeds and retirement benefits are paid to your designated beneficiary. Similarly, bank accounts designated as Payable on Death (also known as P.O.D. accounts), and securities accounts designated as Transfer on Death (also known as T.O.D. accounts) also transfer to whomever you named as beneficiaries. » Read more..
Your best-laid plans for the distribution of your wealth at your death may go badly awry if you stumble with the titling of your assets and/or designation of beneficiaries.
For various types of assets, your beneficiary designations trump any language in your will or trust. Meanwhile, your trust is worthless if there is nothing in it. To make things even more confusing, assets that are “jointly held with right of survivorship” transfer outside your will and trust to the other joint holders of the asset. » Read more..